The NASDAQ is currently approaching the 50 day moving average, a potential resistance level, with the stochastics now in the overbought condition. The Dow and the S&P 500 are trading in decisively today, making the prospects for some profit-taking on a Friday a strong possibility. Profit-taking versus a trend reversal is more likely due to the fact the transportation index continues to trade higher. Watch each individual chart closely, be prepared to take some profits.
October 09, 2015 Daily Market Comments
The NASDAQ is currently approaching the 50 day moving average, a potential resistance level, with the stochastics now in the overbought condition. The Dow and the S&P 500 are trading in decisively today, making the prospects for some profit-taking on a Friday a strong possibility. Profit-taking versus a trend reversal is more likely due to the fact the transportation index continues to trade higher. Watch each individual chart closely, be prepared to take some profits.